At Elite Law Solicitors, our expert bridging loan solicitors regularly act for borrowers of short-term finance including bridging loans, development loans and commercial mortgages.
As an alternative to traditional bank finance, short term loans often referred to as bridging loans are becoming increasingly popular with landlords, developers and homeowners alike to ‘bridge’ gaps in funding. Examples include:
Securing the purchase of a property before the sale of another
Purchasing a property not suitable for a conventional mortgage
Completing an auction purchase within required timescales
Finishing off refurbishment works and/or minor developments
Refinancing and/or consolidating existing debts
What is a Bridging Loan?
A bridging loan is a short-term secured loan, usually with a repayment term of between 6-24 months. Typically offered by smaller, more nimble lenders, bridging loans offer a faster way to access finance without having to deal with the long waiting times and layers of bureaucracy associated with institutional lenders.
However, the trade-off is that bridging loans are more expensive than conventional mortgages or term loans, so it important that borrowers have exit-plans in place to ensure repayment of the bridging loan as early as possible.
In addition to office meetings, our bridging loan solicitors also offer remote meetings via telephone and video conferencing software so can assist you wherever you are based.
Development loans are used to fund larger-scale developments, from £200,000.00 refurbishments or conversions to multi-million pound new-build projects. Development loans can be used for residential, commercial and mixed-use properties, and can be applied for by both experienced and first-time developers. Depending on the nature and timing of the building works, development loans are occasionally offered up-front in full by the lender but it is more normal for the loan to be drawn down in tranches, with fixed amounts being made available at various stages of the works.
How Our Expert Bridging Loan Solicitors Can Help
We have a specialist team of property lawyers who regularly act for borrowers of short term secured finance ranging from £30,000.00 bridging loans to multi-million pound development finance. We are familiar with lenders’ usual requirements and understand the importance of working closely with clients and their brokers to ensure a rapid and smooth completion.
Our team are based in Sussex and Buckinghamshire but we regularly travel to meet clients in and around London and the Home Counties. In addition to office meetings we also offer remote meetings via telephone and video conferencing software so can assist you wherever you are based.
An experienced bridging loan solicitor will have an initial consultation with you, free of charge, to discuss your situation in more detail. Once we understand your circumstances better, we can provide you with a clearer understanding of how we can help you. We will also provide you with a price quotation and a choice of funding methods at the outset.
Make A Free Enquiry – Talk To Our Bridging Loan Solicitors
“Harry and the team were fantastic, professional and made you feel really important, as if you were the only client they were dealing with. Highly recommended, fast and careful attention to detail. Thank you.”
Privacy & Cookies Policy
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.